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No time for a stimulus

Covid-19 is not like the 2008 global financial crisis. It is a crisis of a very different sort. You can't spend your way out of it

Mihir S Sharma 

Mihir S Sharma

One of the most mystifying assumptions in today’s world — one made not just by “ordinary” people but by economists, politicians, and many of those who should know better — is that governments can fix anything that happens to the economy. This assumption is no less pervasive for being largely unspoken.

And it is what lies behind many of the calls for an “economic response” to Covid-19, the disease being caused by the Wuhan-originating coronavirus. Covid-19 is a serious disease. It is an extraordinary challenge to global public health, even ...

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First Published: Fri, March 13 2020. 23:04 IST
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